Cash For Clunkers

[CPA]

I love how Congress is essentially using this program to eliminate used vehicles, essentially forcing everyone to buy more expensive new vehicles. If they are going to mandate that the turned in vehicle is scrapped that is going to substantially reduce the number of low-cost used vehicle available for sale (from trade ins) and make it that much more difficult for lower-wage families to afford any vehicle.

 

[TheSlamma]

Originally posted by: CPA
I love how Congress is essentially using this program to eliminate used vehicles, essentially forcing everyone to buy more expensive new vehicles. If they are going to mandate that the turned in vehicle is scrapped that is going to substantially reduce the number of low-cost used vehicle available for sale (from trade ins) and make it that much more difficult for lower-wage families to afford any vehicle.

So these lower income families you talk about should only buy a guzzler so they can go check to check on gasoline? Why don't lower income families buy a cheap used vehicle that gets over 18 mpg and save not only on the purchase but the long term food for the beast? Arent you a CPA?

 

[episodic]

So this means I can get 3500 for my 1987 Dodge Ram with 300,000 miles and a leaking fuel tank? Woo hoo!

Where do I apply?

 

[lupi]

Well this blows chunks. I've had a 96 sedan parked in my driveway for the good part of the last year for no real reason other than waiting for this legislation to finally get passed; and the bastards put the mpg requirement so high that I don't qualify. Looking at the epa charts, to apply for this you are going to need something from the late 80s that was designed to burn gas. Even some of the "sports" cars from detroit once the 90's e came around are going to be just good enough in fuel economy to not qualify.

And to further the irony of this story, my 2001 truck just barely qualifies but it's got way more value in it that the voucher price and I planned on keeping the truck anyways for occasional use.

 

[MovingTarget]

Originally posted by: episodic
So this means I can get 3500 for my 1987 Dodge Ram with 300,000 miles and a leaking fuel tank? Woo hoo!

Where do I apply?

Have we really reached the point on our society where as Huxley put it, 'ending is better than mending'? Sheesh. Rebuild that b*tch. 300k is nothing as long as it hasn't been eaten up by rust. Heck, you can even convert it to run off propane/CNG/ethanol/hydrogen/fairyfarts if you wanted to.

 

[EagleKeeper]

Originally posted by: TheSlamma

Originally posted by: CPA
I love how Congress is essentially using this program to eliminate used vehicles, essentially forcing everyone to buy more expensive new vehicles. If they are going to mandate that the turned in vehicle is scrapped that is going to substantially reduce the number of low-cost used vehicle available for sale (from trade ins) and make it that much more difficult for lower-wage families to afford any vehicle.

So these lower income families you talk about should only buy a guzzler so they can go check to check on gasoline? Why don't lower income families buy a cheap used vehicle that gets over 18 mpg and save not only on the purchase but the long term food for the beast? Arent you a CPA?

Low income families buy a vehicle that they can pay $50-75/wk over no more than a 3 yr period
$2K-$4K vehicles.

Now, those vehilces are being eliminated.

Those families and the dealers that specialize in those price levels are going to be hurt.

 

[Slew Foot]

Sales tax on a new vehicle is around 2-3K, so most of the money is going to come from increased sales of new cars im guessing. But yeah, the govt is handing out money like its going out of style.

Of note, the latest treasury bond auction sucked and rates jumped.

 

[Patranus]

Originally posted by: Slew Foot
Of note, the latest treasury bond auction sucked and rates jumped.

Ya...but Obama is doing a wonderful job handling the economy...right?

 

[kalrith]

Originally posted by: Slew Foot
Sales tax on a new vehicle is around 2-3K, so most of the money is going to come from increased sales of new cars im guessing. But yeah, the govt is handing out money like its going out of style.

Of note, the latest treasury bond auction sucked and rates jumped.

Isn't sales tax on a new car tax deductible right now?

 

[Fern]

Originally posted by: bctbct

Originally posted by: OCguy
Im glad we as a country have this kind of $$ to throw around.

gov't probably recoups half that in sales tax and personal property tax the 1st year. Some states are exempt of course.

Originally posted by: Slew Foot
Sales tax on a new vehicle is around 2-3K, so most of the money is going to come from increased sales of new cars im guessing. But yeah, the govt is handing out money like its going out of style.

Of note, the latest treasury bond auction sucked and rates jumped.

The federal government does not charge sales tax (period), states do but at varying rates. So any sales tax won't offset the federal expenditure on this program.

This program is just more bailout for auto companies (taxpayer money to generate new auto sales).

I didn't see anything in the article to indicate that this was limited to US manufacturers. I.e., Toyota/Honda/Nissan/Hyundi etc could benefit. Not good IMO.

Fern

 

[cubeless]

Originally posted by: kalrith

Originally posted by: Slew Foot
Sales tax on a new vehicle is around 2-3K, so most of the money is going to come from increased sales of new cars im guessing. But yeah, the govt is handing out money like its going out of style.

Of note, the latest treasury bond auction sucked and rates jumped.

Isn't sales tax on a new car tax deductible right now?

yes... but it's a deduction, so you only get the % of your tax rate...

 

[marincounty]

This is BS. You only get cash if you turn in a gas guzzler. You get nothing if your car gets decent mileage. This is rewarding the fools that made bad decisions.

Why not pay the mortgages for people that can't pay their mortgages too?

 

[lupi]

Originally posted by: marincounty
This is BS. You only get cash if you turn in a gas guzzler. You get nothing if your car gets decent mileage. This is rewarding the fools that made bad decisions.

Why not pay the mortgages for people that can't pay their mortgages too?

Not only that but it's a very limited definition of gas guzzler. The EPA site lets you do entire class searches for mpg standards from 94 forward, and except for the exotic sports cars or the luxury brands, virtually no car makes it down to the 18mpg limit.

But you can turn in a 2006 truck for a new one and thats good....

 

[WhipperSnapper]

Originally posted by: lupi
Well this blows chunks. I've had a 96 sedan parked in my driveway for the good part of the last year for no real reason other than waiting for this legislation to finally get passed; and the bastards put the mpg requirement so high that I don't qualify. Looking at the epa charts, to apply for this you are going to need something from the late 80s that was designed to burn gas. Even some of the "sports" cars from detroit once the 90's e came around are going to be just good enough in fuel economy to not qualify.

I'm in the exact same boat. My wife's '94 Oldsmobile is sitting in my apartment's parking lot. Now I'm going to have to Craig's List it. I had really been looking forward to this legislation. Bam! Now it's no longer really about "Cash for Clunkers" but rather "Cash for old and clunky pickup trucks and SUVs".

What exactly is the purpose of this bill anyway? To stimulate auto sales or to take older pickup trucks and SUVs off the street? If they want to stimulate new car sales then they should remove the low MPG requirement.

 

[lupi]

I could only do a class search as far back as 94, 84-93 you have to do it by individual vehicle. I wonder how many non-trucks are actually going to qualify for this when going by EPA off the showroom data.

 

[heyheybooboo]

Topic Title: Cash For Clunkers ?

There go half the vehicles in east Tennessee

:shocked:


They'll just have to sell some more 'hillbilly heroin' to afford the payments ...

 

[Modelworks]

The condition of the trade in doesn't matter. The trade in cars are not allowed to be resold, they must be crushed/recycled.

 

[LTC8K6]

AFAIK, the trade in has to be road worthy and it must have had insurance for the past year.
They are targeting gas guzzlers that are currently on the road.

You get nothing for trade in value, just the voucher amount. You don't get anything actually. The dealer gets the money directly.

 

[LTC8K6]

You can probably only get one voucher. Not going to be able to flip a bunch of cars or anything like that.